CapitaMalls to raise RM852mil from M’sian unit’s IPO
Posted on | July 9, 2010
By BLOOMBERG
SINGAPORE: CapitaMalls Asia Ltd, which owns shopping malls in the region, is raising about RM852mil through an initial public offering of its Malaysian unit in the country’s second-biggest IPO this year.
CapitaMalls Malaysia Trust priced units offered to institutions at RM1 apiece, the low end of its projected price range, according to a Singapore exchange filing yesterday.
The price for individual investors was fixed at 98 sen, it said.
“We are heartened by the success of the offering,” CapitaMalls Asia chief executive officer Lim Beng Chee said in the statement.
“Despite the challenging market conditions, it is priced at one of the tightest yields for a Malaysian real estate investment trust (REIT) initial public offering.”
The IPO follows the RM1.5bil raised by Sunway REIT in its initial sale last month and underscores rising investor appetite for equities in Malaysia amid an economic rebound from last year’s recession.
CapitaMalls Malaysia’s IPO may be surpassed by share sales of two units of Petroliam Nasional Bhd.
CapitaMalls Malaysia Trust was scheduled to list on July 16 when JPMorgan Chase & Co would act as stabilising manager, the company said in a separate exchange filing yesterday.
JPMorgan, CIMB Investment Bank Bhd, JPMorgan Chase & Co and Maybank Investment Bank Bhd are jointly managing the sale.
“It is a good proxy to the Malaysian REIT sector that we believe is due for another round of re-rating,” RHB Research Institute analyst Joshua Ng said in a report yesterday. “Its growth prospects are good, underpinned by growing rentals and acquisitions.”
Singapore-based CapitaMalls Asia, part of South-East Asia’s biggest developer CapitaLand Ltd, owns shopping malls in China, India and Singapore.
CapitaMalls Malaysia is the owner of the Sungei Wang Mall in Kuala Lumpur, The Mines mall which is located south of the city centre, and Gurney Plaza in Penang, according to the company’s prospectus.
- REIT Market News
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